I was advised yesterday by my estate agent that my Melksham lawyer is not on the bank Conveyancing panel. What can I do to be certain that this is indeed the case?

Your first step should be to call your Melksham conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may recommend you to a Melksham conveyancing firm that is on the conveyancing panel for your lender.

I am hoping to complete my purchase in Melksham next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?

Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not limited to conveyancing in Melksham.

Is there a reason why leasehold purchase conveyancing in Melksham costs more?

The conveyancing fees for a leasehold property in Melksham is frequently higher than on a freehold property. This is because there is an amount of extra work necessary in liaising with the freeholder and management company to obtain information about whether the rent and maintenance fee have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the block.

How does conveyancing in Melksham differ for newly converted properties?

Most buyers of new build property in Melksham contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Melksham usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Melksham or who has acted in the same development.

In relation to leasehold conveyancing in Melksham what are the most common lease defects?

Leasehold conveyancing in Melksham is not unique. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts. Repairing obligations to or maintain elements of the premises

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I own a basement flat in Melksham, conveyancing formalities finalised in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Melksham with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2074

With only 50 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.